LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION May 4, 2009 TO: Honorable Florence Shapiro, Chair, Senate Committee on Education FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB2037 by Howard, Donna (Relating to the creation of the Permanent School Fund Management Council to manage the permanent school fund; providing a criminal penalty.), As Engrossed No significant fiscal implication to the State is anticipated. The bill would establish a Permanent School Fund Management Council (the Council) to administer the Permanent School Fund including the management of investments. The bill would direct the Council to contract with a corporation formed by the Comptroller of Public Accounts to provide administrative support of the Council. The bill would specifically prohibit investments in real estate without the consent of the School Land Board. The bill would require the State Auditor's Office (SAO) to perform an annual financial audit of the Permanent School Fund and would direct the Council to reimburse the SAO for related expenses. The bill would direct that all FTEs employed by the Texas Education Agency to support the SBOE functions related to management of the PSF be transferred to the Comptroller of Public Accounts. No net fiscal impact to the state is anticipated. The bill would take effect on December 1, 2009 contingent on approval of the associated constitutional amendment. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:304 Comptroller of Public Accounts, 305 General Land Office and Veterans' Land Board, 308 State Auditor's Office, 701 Central Education Agency LBB Staff: JOB, JSp, JGM, JSc
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
May 4, 2009
TO: Honorable Florence Shapiro, Chair, Senate Committee on Education FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB2037 by Howard, Donna (Relating to the creation of the Permanent School Fund Management Council to manage the permanent school fund; providing a criminal penalty.), As Engrossed
TO: Honorable Florence Shapiro, Chair, Senate Committee on Education
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB2037 by Howard, Donna (Relating to the creation of the Permanent School Fund Management Council to manage the permanent school fund; providing a criminal penalty.), As Engrossed
Honorable Florence Shapiro, Chair, Senate Committee on Education
Honorable Florence Shapiro, Chair, Senate Committee on Education
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HB2037 by Howard, Donna (Relating to the creation of the Permanent School Fund Management Council to manage the permanent school fund; providing a criminal penalty.), As Engrossed
HB2037 by Howard, Donna (Relating to the creation of the Permanent School Fund Management Council to manage the permanent school fund; providing a criminal penalty.), As Engrossed
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would establish a Permanent School Fund Management Council (the Council) to administer the Permanent School Fund including the management of investments. The bill would direct the Council to contract with a corporation formed by the Comptroller of Public Accounts to provide administrative support of the Council. The bill would specifically prohibit investments in real estate without the consent of the School Land Board. The bill would require the State Auditor's Office (SAO) to perform an annual financial audit of the Permanent School Fund and would direct the Council to reimburse the SAO for related expenses. The bill would direct that all FTEs employed by the Texas Education Agency to support the SBOE functions related to management of the PSF be transferred to the Comptroller of Public Accounts. No net fiscal impact to the state is anticipated. The bill would take effect on December 1, 2009 contingent on approval of the associated constitutional amendment.
The bill would establish a Permanent School Fund Management Council (the Council) to administer the Permanent School Fund including the management of investments.
The bill would direct the Council to contract with a corporation formed by the Comptroller of Public Accounts to provide administrative support of the Council.
The bill would specifically prohibit investments in real estate without the consent of the School Land Board. The bill would require the State Auditor's Office (SAO) to perform an annual financial audit of the Permanent School Fund and would direct the Council to reimburse the SAO for related expenses.
The bill would direct that all FTEs employed by the Texas Education Agency to support the SBOE functions related to management of the PSF be transferred to the Comptroller of Public Accounts. No net fiscal impact to the state is anticipated.
The bill would take effect on December 1, 2009 contingent on approval of the associated constitutional amendment.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 304 Comptroller of Public Accounts, 305 General Land Office and Veterans' Land Board, 308 State Auditor's Office, 701 Central Education Agency
304 Comptroller of Public Accounts, 305 General Land Office and Veterans' Land Board, 308 State Auditor's Office, 701 Central Education Agency
LBB Staff: JOB, JSp, JGM, JSc
JOB, JSp, JGM, JSc